Trump’s policy will impose a baseline 10% tariff on foreign countries. Trump will also place additional reciprocal tariffs on “bad actors,” such as China.
The stock market reacted negatively to the tariffs, which were higher than expected, dropping more than 1,400 points as of Thursday afternoon.
Trump’s team assured the public that the negative effects would only be temporary.
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“We’re not going to fix things overnight,” Vice President JD Vance said in a Fox News interview. “Joe Biden left us with the largest peacetime debt and deficit in the history of the United States of America, with sky-high interest rates. You don’t fix that stuff overnight.”
In addition to generating revenue, Trump adviser Stephen Miller said the tariffs would also bring back manufacturing jobs.
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